In the third quarter of 2024, global TV brand shipments reached 52.33 million units, marking a 9.6% quarter-over-quarter increase and a 0.5% year-over-year increase. This surge was driven by a subsidy policy in China, offering 15-20% trade-in discounts for eight categories of home appliances, including energy-efficient products, combined with promotions for the Mid-Autumn Festival and National Day holidays. As a result, global TV shipments exceeded initial forecasts by 1%.
Chinese brands and retailers directly passed on the subsidy amounts to retail prices, and with the subsidy deadline set for the end of 2024, consumer demand for replacements surged. This, in turn, led to a more than 20% year-over-year sales increase during the Mid-Autumn Festival and Golden Week, injecting vitality into the sluggish TV market. The strong sales trend is expected to continue through the end of the year, with festive promotions in Europe and North America further fueling demand. TV demand in Q4 2024 is projected to rise 2.5% quarter-over-quarter to 53.63 million units, maintaining a 0.5% year-over-year growth. Therefore, the total global TV shipments 2024 are expected to reach 196.7 million units, an increase of 0.6%, ending five consecutive years of declining shipments.
| RANKING | BRAND | MARKET SHARE |
| 1 | Samsung | 17.6% |
| 2 | TCL | 14.3% |
| 3 | Hisense | 13.2% |
| 4 | LGE | 13.2% |
| 5 | Xiaomi | 5.0% |
TCL’s Steady Growth with a Challenge to Reach 28 Million Units in 2024
Since August, TCL has been preparing for the holiday sales season in Europe and North America, increasing its monthly export shipments to an average of 2 million units. Thanks to the trade-in subsidy policy, TCL saw a 27% growth in domestic sales in September. These factors contributed to a 9.3% increase in TCL’s shipments in Q3, allowing the company to surpass Hisense and claim the position of the world’s second-largest TV brand.
Looking ahead to Q4, TCL is expected to continue advancing its dual-brand strategy, with the TCL brand focusing on the mid-to-high-end markets in overseas and China, while the Thunderbird sub-brand targets young consumers in the domestic market. This strategy is expected to support TCL in achieving an annual shipment of 28 million units in 2024, a 12.3% year-over-year growth.
Mini LED TV Shipments Soar to New Heights
The trade-in subsidy policy for home appliances in China has played a significant role in boosting sales of large-size Mini LED TVs, pushing brand shipments to 6.75 million units, a 65% annual growth and 5.4% higher than previous projections.
Samsung Electronics, historically holding over 50% of the Mini LED TV market share, remains the global leader in total TV shipments. However, since 2023, global inflation has shifted consumer demand towards other high-value products, and in 2024, the growth momentum for Mini LED TV shipments primarily comes from China, providing limited benefit to Samsung. In Q3 2024, Samsung maintained its position as the top TV exporter, but its Mini LED TV shipments fell to 1.6 million units, a 6% year-over-year decline.
In contrast, China’s top three brands—TCL, Hisense, and Xiaomi—have launched affordable yet high-quality Mini LED TVs alongside traditional high-end models. Supported by government subsidies in the second half of the year, the combined market share of these three companies increased to 53%. Among them, Xiaomi, which entered the Mini LED TV market in the second half of 2023, has seen its shipments surpass 1 million units in 2024, with a market share of 16%. Xiaomi is now the third-largest player in the Mini LED TV segment.
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